Brazil Equity
Portfolio
As of July 30, 2025
| % of NAV | Timing | Long Bias | Long Only |
|---|---|---|---|
| SMAL11 | -70.23 | 34.88 | 100.00 |
| Caixa (Cdi) | 170.23 | 65.12 | 0.00 |
Performance
As of July 30, 2025
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ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -3.5 | – | – | – | – | – | 11.4 |
bolsa_timing_long_bias
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 3.2 | -3.1 | 3.5 | -4.6 | 0.5 | -0.2 | 1.2 | 5.8 | -2.9 | 1.5 | -3.7 | -0.0 | 1.2 |
| 2023 | -0.9 | -0.9 | -0.4 | 0.5 | 12.9 | 9.6 | 2.7 | -5.2 | -0.8 | -1.3 | 6.5 | 8.4 | 31.1 |
| 2024 | -7.9 | -0.6 | 0.4 | -1.6 | -0.6 | 0.6 | -0.6 | 3.0 | -3.1 | 0.4 | -1.1 | 0.3 | -10.8 |
| 2025 | 1.6 | -2.7 | 3.2 | 6.7 | 7.1 | 0.2 | -3.5 | – | – | – | – | – | 12.6 |
bolsa_timing
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | -0.9 | -0.6 | -2.4 | -0.2 | 2.5 | 19.5 | -3.2 | 0.4 | -4.0 | -4.3 | 4.0 | 2.1 | 12.9 |
| 2023 | -4.9 | 9.4 | 1.4 | -1.6 | 8.3 | 8.5 | 1.6 | 0.2 | 2.5 | 8.0 | -2.2 | 7.5 | 38.7 |
| 2024 | -6.5 | -1.7 | -2.0 | 8.3 | 3.8 | 1.6 | -3.1 | 0.1 | 0.3 | 2.9 | 3.8 | 10.0 | 17.5 |
| 2025 | -5.5 | 0.2 | -2.6 | 1.9 | 6.4 | -0.6 | 0.7 | – | – | – | – | – | 0.5 |
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lo
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 1.9 | -0.1 | 7.9 | 0.8 | 2.4 | -12.8 | 5.9 | 6.5 | -1.4 | 5.8 | -4.0 | 1.3 | 14.2 |
| 2023 | 5.5 | -6.8 | -3.8 | 4.1 | 8.6 | 10.4 | 1.5 | -1.3 | 0.6 | -6.7 | 10.3 | 6.5 | 28.9 |
| 2024 | -1.1 | 0.4 | 3.4 | -3.2 | -3.9 | 0.5 | 2.6 | 7.7 | -1.1 | 1.9 | 0.8 | -5.9 | 2.1 |
| 2025 | 3.0 | -2.8 | 2.4 | 6.2 | 4.4 | 3.2 | -3.7 | – | – | – | – | – | 12.7 |
ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -3.5 | – | – | – | – | – | 11.4 |
smll
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 6.7 | -5.2 | 8.8 | -8.4 | -1.8 | -16.3 | 5.2 | 10.9 | -1.8 | 7.3 | -11.2 | -3.0 | -8.8 |
| 2023 | 2.9 | -10.5 | -1.7 | 1.9 | 13.5 | 8.2 | 3.1 | -7.4 | -2.8 | -7.4 | 12.5 | 7.0 | 19.3 |
| 2024 | -6.6 | 0.5 | 2.2 | -7.8 | -3.4 | -0.4 | 1.5 | 4.5 | -4.4 | -1.4 | -4.5 | -7.8 | -27.6 |
| 2025 | 6.1 | -3.9 | 6.7 | 8.5 | 5.9 | 1.0 | -5.1 | – | – | – | – | – | 19.2 |
Stocks Holdings
As of July 30, 2025
| Stocks | % of NAV |
|---|---|
| TGMA3 | 6.23 |
| PETR4 | 6.11 |
| CURY3 | 6.04 |
| SAPR11 | 5.88 |
| CPFE3 | 5.82 |
| BMOB3 | 5.81 |
| PSSA3 | 5.79 |
| DIRR3 | 5.75 |
| VLID3 | 5.32 |
| ODPV3 | 5.14 |
| ALUP11 | 4.96 |
| CSMG3 | 4.89 |
| NEOE3 | 4.78 |
| CMIG4 | 4.69 |
| RECV3 | 4.56 |
| ALOS3 | 4.33 |
| ANIM3 | 4.19 |
| VULC3 | 4.07 |
| BRFS3 | 3.18 |
| MRFG3 | 2.46 |
| Total | 100.00 |
Sectors Exposure
As of July 30, 2025
| Sectors B3 | Long Only | Market (IBOV) |
|---|---|---|
| Utilidade Pública | 31.03 | 13.26 |
| Consumo Cíclico | 20.05 | 4.74 |
| Bens Industriais | 11.55 | 8.10 |
| Petróleo Gás E Biocombustíveis | 10.67 | 14.26 |
| Financeiro | 10.11 | 30.79 |
| Tecnologia Da Informação | 5.81 | 0.90 |
| Consumo Não Cíclico | 5.64 | 9.39 |
| Saúde | 5.14 | 3.91 |
| Comunicações | 0.00 | 3.92 |
| Materiais Básicos | 0.00 | 10.72 |
| Caixa | 0.00 | 0.00 |
| Total | 100.00 | 100.00 |
Multiples
As of July 30, 2025
| Indicators | Long Only | Market (IBOV) |
|---|---|---|
| P/L | 8.80 | 9.50 |
| P/FCF | 4.40 | 9.20 |
| EV / FCF | 7.30 | 8.70 |
| EV / EBITDA | 4.10 | 4.40 |
| P/B | 1.20 | 1.40 |
| Div Yield | 17.40 | 11.10 |
| ROE | 13.70 | 14.80 |
| ROIC | 11.20 | 11.10 |
| CROCI | 20.00 | 19.10 |
| FCFROIC | 12.20 | 10.80 |
| MgBruta | 44.50 | 44.00 |
| MgEBIT | 23.60 | 25.30 |
| MgLL | 9.70 | 18.00 |
| MgFcOp | 31.80 | 32.80 |
| MgFCF | 19.30 | 18.50 |
| DividaL / PL | 0.80 | 0.40 |
| EBITDA / DividaL | 0.60 | 0.70 |
| FCF / PassivoC | 0.50 | 0.50 |
| Borrow Yield | 2.00 | 1.40 |
| ADTV (MM) | 95.80 | 411.20 |
| wVol | 30.70 | 27.50 |
| wBeta | 0.80 | 0.90 |
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ls
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 0.0 | 3.0 | 2.5 | 3.3 | 4.1 | -0.5 | 0.5 | 0.2 | -0.7 | 3.0 | 4.3 | 1.7 | 21.4 |
| 2023 | 2.4 | 2.4 | -2.5 | -0.5 | -1.6 | 6.1 | -1.9 | 5.7 | 5.2 | 3.5 | 2.2 | 2.2 | 23.2 |
| 2024 | 3.9 | -0.9 | 1.2 | 1.3 | -0.5 | 4.2 | 1.5 | 9.7 | 2.1 | 1.4 | 4.2 | 0.7 | 28.8 |
| 2025 | 1.2 | 1.3 | 0.6 | -0.4 | 2.3 | 4.9 | 0.4 | – | – | – | – | – | 10.3 |
ibov
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 7.9 | 0.9 | 6.1 | -10.1 | 3.2 | -11.5 | 4.7 | 6.2 | 0.5 | 5.5 | -3.1 | -2.4 | 7.9 |
| 2023 | 3.4 | -7.5 | -2.9 | 2.5 | 3.7 | 9.0 | 3.3 | -5.1 | 0.7 | -2.9 | 12.5 | 5.4 | 22.1 |
| 2024 | -4.8 | 1.0 | -0.7 | -1.7 | -3.0 | 1.5 | 3.0 | 6.5 | -3.1 | -1.6 | -3.1 | -4.3 | -10.3 |
| 2025 | 4.9 | -2.6 | 6.1 | 3.7 | 1.5 | 1.3 | -3.5 | – | – | – | – | – | 11.4 |
smll
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year % | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| year | |||||||||||||
| 2022 | 6.7 | -5.2 | 8.8 | -8.4 | -1.8 | -16.3 | 5.2 | 10.9 | -1.8 | 7.3 | -11.2 | -3.0 | -8.8 |
| 2023 | 2.9 | -10.5 | -1.7 | 1.9 | 13.5 | 8.2 | 3.1 | -7.4 | -2.8 | -7.4 | 12.5 | 7.0 | 19.3 |
| 2024 | -6.6 | 0.5 | 2.2 | -7.8 | -3.4 | -0.4 | 1.5 | 4.5 | -4.4 | -1.4 | -4.5 | -7.8 | -27.6 |
| 2025 | 6.1 | -3.9 | 6.7 | 8.5 | 5.9 | 1.0 | -5.1 | – | – | – | – | – | 19.2 |
Top 10 Stocks Long Holdings
As of July 30, 2025
| Stocks | % of NAV |
|---|---|
| TGMA3 | 3.69 |
| PETR4 | 3.62 |
| CURY3 | 3.58 |
| SAPR11 | 3.49 |
| CPFE3 | 3.45 |
| BMOB3 | 3.44 |
| PSSA3 | 3.43 |
| DIRR3 | 3.41 |
| VLID3 | 3.15 |
| ODPV3 | 3.05 |
Top 10 Stocks Short Holdings
As of July 30, 2025
| Stocks | % of NAV |
|---|---|
| DXCO3 | -4.90 |
| MRVE3 | -4.49 |
| AURE3 | -4.48 |
| AGRO3 | -4.37 |
| NATU3 | -4.25 |
| BRKM5 | -4.24 |
| RAIL3 | -3.85 |
| ORVR3 | -3.62 |
| SOJA3 | -3.42 |
| IGTI11 | -3.28 |
Stocks Holdings
As of July 30, 2025
| Side | Number of companies |
|---|---|
| Long | 66.00 |
| Short | 64.00 |
Sectors Exposure
As of July 30, 2025
| Sectors B3 | Net | Long | Short |
|---|---|---|---|
| Consumo Cíclico | 13.93 | 30.20 | -16.27 |
| Utilidade Pública | 5.45 | 20.84 | -15.40 |
| Financeiro | 4.80 | 14.43 | -9.63 |
| Comunicações | 3.19 | 3.19 | 0.00 |
| Petróleo Gás E Biocombustíveis | 2.95 | 8.22 | -5.27 |
| Tecnologia Da Informação | -0.11 | 3.75 | -3.87 |
| Saúde | -0.47 | 5.90 | -6.38 |
| Bens Industriais | -3.03 | 10.40 | -13.43 |
| Materiais Básicos | -14.96 | 3.81 | -18.77 |
| Consumo Não Cíclico | -20.35 | 5.14 | -25.49 |
| Caixa | 0.00 | 0.00 | 0.00 |
| Total | -8.63 | 105.88 | -114.51 |
Multiples
As of July 30, 2025
| Indicators | Long | Short | Market (IBOV) |
|---|---|---|---|
| P/L | 8.80 | -10.50 | 9.50 |
| P/FCF | 4.40 | -26.20 | 9.20 |
| EV / FCF | 7.30 | -48.60 | 8.70 |
| EV / EBITDA | 4.10 | 8.80 | 4.40 |
| P/B | 1.20 | 1.50 | 1.40 |
| Div Yield | 17.40 | 3.50 | 11.10 |
| ROE | 13.70 | -14.30 | 14.80 |
| ROIC | 11.20 | 4.10 | 11.10 |
| CROCI | 20.00 | 5.80 | 19.10 |
| FCFROIC | 12.20 | -2.00 | 10.80 |
| MgBruta | 44.50 | 18.40 | 44.00 |
| MgEBIT | 23.60 | 5.20 | 25.30 |
| MgLL | 9.70 | -4.70 | 18.00 |
| MgFcOp | 31.80 | 5.60 | 32.80 |
| MgFCF | 19.30 | -1.90 | 18.50 |
| DividaL / PL | 0.80 | 1.20 | 0.40 |
| EBITDA / DividaL | 0.60 | 0.30 | 0.70 |
| FCF / PassivoC | 0.50 | -0.10 | 0.50 |
| Borrow Yield | 2.00 | 2.70 | 1.40 |
| ADTV (MM) | 95.80 | 58.10 | 411.20 |
| wVol | 30.70 | 40.40 | 27.50 |
| wBeta | 0.80 | 0.70 | 0.90 |